Templeton Institutional Funds NPORT-P International Equity Series (Sep 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

ZTIF-Q3PH

1

Schedules

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

2

International

Equity

Series

6

Notes

to

Schedules

of

Investments

9

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

September

30,

2024

Foreign

Smaller

Companies

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.0%

Australia

0.0%

†

Cromwell

Property

Group

..........

Office

REITs

41,948

$

13,049

Austria

0.8%

a

DO

&

CO

AG

...................

Commercial

Services

&

Supplies

6,822

1,029,827

Bahamas

1.8%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

145,861

2,408,165

Belgium

1.8%

Barco

NV

......................

Electronic

Equipment,

Instruments

&

Components

88,162

1,170,498

b

Kinepolis

Group

NV

..............

Entertainment

25,587

1,139,371

2,309,869

Brazil

3.4%

Arcos

Dorados

Holdings,

Inc.

,

A

.....

Hotels,

Restaurants

&

Leisure

78,843

687,511

Camil

Alimentos

SA

...............

Food

Products

751,600

1,189,031

Dexco

SA

......................

Paper

&

Forest

Products

1,231,800

1,932,882

M

Dias

Branco

SA

................

Food

Products

150,100

701,907

4,511,331

Canada

3.9%

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

214,100

1,423,270

Canadian

Western

Bank

...........

Banks

49,254

1,960,545

Computer

Modelling

Group

Ltd.

......

Software

213,304

1,793,372

5,177,187

China

1.3%

c

JNBY

Design

Ltd.

,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

361,500

746,706

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

1,288,644

984,409

1,731,115

Denmark

0.5%

Matas

A/S

......................

Specialty

Retail

35,134

654,349

Finland

1.9%

Fiskars

OYJ

Abp

.................

Household

Durables

43,798

758,676

Huhtamaki

OYJ

..................

Containers

&

Packaging

44,983

1,746,697

2,505,373

France

0.6%

Kaufman

&

Broad

SA

.............

Household

Durables

21,238

737,423

Germany

5.1%

Duerr

AG

......................

Machinery

29,061

713,977

Gerresheimer

AG

................

Life

Sciences

Tools

&

Services

10,228

913,040

Jenoptik

AG

....................

Electronic

Equipment,

Instruments

&

Components

36,604

1,129,962

a,c

Montana

Aerospace

AG

,

144A

,

Reg

S

.

Aerospace

&

Defense

61,247

1,466,748

Rational

AG

....................

Machinery

1,742

1,778,653

Stabilus

SE

.....................

Machinery

17,707

724,362

6,726,742

Greece

0.7%

JUMBO

SA

.....................

Specialty

Retail

31,533

903,247

Hong

Kong

3.2%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

160,000

2,388,548

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Hong

Kong

(continued)

VTech

Holdings

Ltd.

..............

Communications

Equipment

269,300

$

1,872,392

4,260,940

India

1.5%

Exide

Industries

Ltd.

..............

Automobile

Components

333,830

1,999,843

Indonesia

0.6%

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk.

PT

......................

Personal

Care

Products

18,092,600

794,688

Israel

1.1%

a

Nayax

Ltd.

.....................

Electronic

Equipment,

Instruments

&

Components

52,837

1,375,798

Italy

8.6%

Brunello

Cucinelli

SpA

.............

Textiles,

Apparel

&

Luxury

Goods

14,410

1,555,845

b,c

Carel

Industries

SpA

,

144A

,

Reg

S

...

Building

Products

30,038

656,089

Intercos

SpA

....................

Personal

Care

Products

91,957

1,621,559

Interpump

Group

SpA

.............

Machinery

40,912

1,911,395

LU-VE

SpA

.....................

Building

Products

23,644

700,157

Sanlorenzo

SpA

.................

Leisure

Products

50,866

2,070,810

a,b

Seco

SpA

......................

Technology

Hardware,

Storage

&

Peripherals

156,267

367,064

c

Technogym

SpA

,

144A

,

Reg

S

......

Leisure

Products

240,567

2,514,230

11,397,149

Japan

19.2%

Anicom

Holdings,

Inc.

.............

Insurance

140,500

669,563

Asics

Corp.

.....................

Textiles,

Apparel

&

Luxury

Goods

124,100

2,606,929

Bunka

Shutter

Co.

Ltd.

............

Building

Products

65,100

823,125

CKD

Corp.

.....................

Machinery

82,100

1,707,451

Glory

Ltd.

......................

Machinery

38,600

693,721

Idec

Corp.

......................

Electrical

Equipment

49,200

878,432

IDOM,

Inc.

.....................

Specialty

Retail

172,400

1,307,416

Kaneka

Corp.

...................

Chemicals

57,800

1,581,750

MEITEC

Group

Holdings,

Inc.

.......

Professional

Services

102,100

2,271,670

Morinaga

&

Co.

Ltd.

..............

Food

Products

35,200

705,046

Nichiha

Corp.

...................

Building

Products

78,100

1,895,198

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

44,500

1,487,113

Qol

Holdings

Co.

Ltd.

.............

Consumer

Staples

Distribution

&

Retail

71,400

707,932

Roland

Corp.

...................

Leisure

Products

38,200

998,688

Sato

Holdings

Corp.

..............

Commercial

Services

&

Supplies

67,400

989,185

Shima

Seiki

Manufacturing

Ltd.

......

Machinery

100,300

801,337

TechnoPro

Holdings,

Inc.

..........

Professional

Services

84,400

1,642,581

Topcon

Corp.

...................

Electronic

Equipment,

Instruments

&

Components

82,900

896,560

Tsumura

&

Co.

..................

Pharmaceuticals

86,500

2,731,731

25,395,428

Mexico

0.5%

a,c

Grupo

Traxion

SAB

de

CV

,

A

,

144A

,

Reg

S

.......................

Ground

Transportation

665,880

680,817

New

Zealand

1.3%

Summerset

Group

Holdings

Ltd.

.....

Health

Care

Providers

&

Services

222,829

1,689,096

Norway

1.0%

TGS

ASA

......................

Energy

Equipment

&

Services

140,294

1,317,933

Philippines

2.5%

Century

Pacific

Food,

Inc.

..........

Food

Products

2,537,500

1,724,449

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Philippines

(continued)

Puregold

Price

Club,

Inc.

...........

Consumer

Staples

Distribution

&

Retail

2,666,100

$

1,498,670

3,223,119

Portugal

0.7%

b

Corticeira

Amorim

SGPS

SA

........

Containers

&

Packaging

90,646

893,068

Singapore

0.6%

Digital

Core

REIT

Management

Pte.

Ltd.

Specialized

REITs

1,332,600

819,001

South

Korea

3.4%

AMOREPACIFIC

Group

...........

Personal

Care

Products

47,005

989,302

BNK

Financial

Group,

Inc.

..........

Banks

139,455

953,500

DGB

Financial

Group,

Inc.

..........

Banks

144,660

885,325

i-SENS,

Inc.

....................

Health

Care

Equipment

&

Supplies

77,484

1,025,192

NongShim

Co.

Ltd.

...............

Food

Products

2,292

667,982

4,521,301

Sweden

2.5%

c

Dometic

Group

AB

,

144A

..........

Automobile

Components

156,723

933,355

Electrolux

Professional

AB

,

B

.......

Machinery

157,214

1,037,622

c

Thule

Group

AB

,

144A

,

Reg

S

.......

Leisure

Products

44,960

1,372,835

3,343,812

Switzerland

5.0%

Bucher

Industries

AG

.............

Machinery

4,225

1,917,745

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

7,588

680,871

c

Medacta

Group

SA

,

144A

,

Reg

S

....

Health

Care

Equipment

&

Supplies

10,270

1,516,807

Siegfried

Holding

AG

..............

Life

Sciences

Tools

&

Services

1,828

2,461,952

6,577,375

Taiwan

6.9%

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

108,482

761,660

Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

289,000

1,432,892

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

277,000

978,799

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

150,000

1,086,689

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

66,000

1,052,815

Primax

Electronics

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

361,000

1,029,261

Shin

Zu

Shing

Co.

Ltd.

............

Machinery

179,000

1,113,363

Topkey

Corp.

...................

Leisure

Products

109,000

745,511

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

148,000

912,512

9,113,502

Thailand

2.7%

Hana

Microelectronics

PCL

.........

Electronic

Equipment,

Instruments

&

Components

891,300

1,117,231

Major

Cineplex

Group

PCL

.........

Entertainment

2,474,400

1,135,678

Mega

Lifesciences

PCL

............

Pharmaceuticals

525,900

638,623

TOA

Paint

Thailand

PCL

...........

Chemicals

1,195,700

714,259

3,605,791

United

Kingdom

10.7%

Coats

Group

plc

.................

Textiles,

Apparel

&

Luxury

Goods

839,363

1,130,032

Fevertree

Drinks

plc

..............

Beverages

107,852

1,189,679

Greggs

plc

.....................

Hotels,

Restaurants

&

Leisure

44,093

1,841,740

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

424,757

884,821

Man

Group

plc

..................

Capital

Markets

731,848

2,074,701

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

12

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Oxford

Instruments

plc

............

Electronic

Equipment,

Instruments

&

Components

37,310

$

1,058,373

Pagegroup

plc

..................

Professional

Services

294,102

1,524,616

Rathbones

Group

plc

.............

Capital

Markets

61,951

1,484,675

Savills

plc

......................

Real

Estate

Management

&

Development

77,691

1,231,978

Warpaint

London

plc

..............

Personal

Care

Products

99,715

762,613

a,c

Watches

of

Switzerland

Group

plc

,

144A

Specialty

Retail

147,707

944,674

14,127,902

United

States

1.2%

Axis

Capital

Holdings

Ltd.

..........

Insurance

8,668

690,060

a,b

IMAX

Corp.

.....................

Entertainment

43,291

887,898

1,577,958

Total

Common

Stocks

(Cost

$

84,658,755

)

......................................

125,422,198

Short

Term

Investments

0.3%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

..........

448,301

448,301

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

448,301

)

...................................................................

448,301

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

448,301

)

..................................

448,301

a

a

a

Total

Investments

(Cost

$

85,107,056

)

95.3

%

....................................

$125,870,499

Other

Assets,

less

Liabilities

4.7

%

.............................................

6,110,356

Net

Assets

100.0%

...........................................................

$131,980,855

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2024.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2024,

the

aggregate

value

of

these

securities

was

$10,832,261,

representing

8.2%

of

net

assets.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

September

30,

2024

International

Equity

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

97.6%

Canada

4.2%

Manulife

Financial

Corp.

...........

Insurance

71,700

$

2,119,162

Royal

Bank

of

Canada

............

Banks

19,500

2,433,986

4,553,148

Chile

2.0%

Antofagasta

plc

..................

Metals

&

Mining

78,600

2,118,810

China

1.3%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

5,822

1,397,338

Denmark

1.7%

a,b

Orsted

A/S

,

144A

,

Reg

S

...........

Independent

Power

and

Renewable

Electricity

Producers

28,288

1,873,596

France

9.0%

Cie

de

Saint-Gobain

SA

...........

Building

Products

21,882

1,995,873

Danone

SA

.....................

Food

Products

22,021

1,604,143

Kering

SA

......................

Textiles,

Apparel

&

Luxury

Goods

4,452

1,281,634

TotalEnergies

SE

................

Oil,

Gas

&

Consumable

Fuels

41,877

2,719,542

Veolia

Environnement

SA

..........

Multi-Utilities

60,699

1,998,590

9,599,782

Germany

12.0%

Daimler

Truck

Holding

AG

..........

Machinery

28,071

1,054,086

Deutsche

Boerse

AG

..............

Capital

Markets

8,276

1,943,121

Deutsche

Telekom

AG

.............

Diversified

Telecommunication

Services

151,819

4,459,211

Fresenius

Medical

Care

AG

.........

Health

Care

Providers

&

Services

25,264

1,073,607

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

53,451

1,876,722

SAP

SE

.......................

Software

10,722

2,452,692

12,859,439

Hungary

1.1%

Richter

Gedeon

Nyrt.

.............

Pharmaceuticals

37,000

1,139,179

India

1.5%

Reliance

Industries

Ltd.

............

Oil,

Gas

&

Consumable

Fuels

44,803

1,576,655

Japan

12.3%

Ebara

Corp.

....................

Machinery

97,800

1,602,916

Hitachi

Ltd.

.....................

Industrial

Conglomerates

70,310

1,864,305

Honda

Motor

Co.

Ltd.

.............

Automobiles

223,428

2,385,228

KDDI

Corp.

.....................

Wireless

Telecommunication

Services

42,041

1,346,795

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

135,658

2,200,348

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

145,758

3,114,140

Tokyo

Electron

Ltd.

...............

Semiconductors

&

Semiconductor

Equipment

3,762

670,852

13,184,584

Netherlands

2.0%

ING

Groep

NV

..................

Banks

59,815

1,085,323

SBM

Offshore

NV

................

Energy

Equipment

&

Services

58,381

1,067,281

2,152,604

Norway

1.4%

Norsk

Hydro

ASA

................

Metals

&

Mining

233,268

1,507,206

South

Korea

4.9%

KB

Financial

Group,

Inc.

...........

Banks

25,324

1,549,245

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

43,972

2,037,700

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Korea

(continued)

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

39,324

$

1,653,631

5,240,576

Sweden

1.7%

Securitas

AB

,

B

..................

Commercial

Services

&

Supplies

144,325

1,832,330

Switzerland

1.1%

Adecco

Group

AG

................

Professional

Services

35,645

1,215,649

Taiwan

3.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

114,298

3,433,702

United

Kingdom

16.0%

AstraZeneca

plc

.................

Pharmaceuticals

19,762

3,078,882

BAE

Systems

plc

................

Aerospace

&

Defense

91,716

1,522,790

Barratt

Developments

plc

..........

Household

Durables

250,479

1,607,095

HSBC

Holdings

plc

...............

Banks

122,122

1,095,641

JD

Sports

Fashion

plc

.............

Specialty

Retail

453,856

935,895

Lloyds

Banking

Group

plc

..........

Banks

2,732,815

2,148,954

Smith

&

Nephew

plc

..............

Health

Care

Equipment

&

Supplies

152,142

2,361,561

Standard

Chartered

plc

............

Banks

209,204

2,218,979

Unilever

plc

.....................

Personal

Care

Products

32,947

2,136,222

17,106,019

United

States

22.2%

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

570,000

2,973,079

CNH

Industrial

NV

................

Machinery

172,588

1,915,727

CRH

plc

.......................

Construction

Materials

32,589

2,982,819

c

GFL

Environmental,

Inc.

...........

Commercial

Services

&

Supplies

65,656

2,618,361

a

ICON

plc

.......................

Life

Sciences

Tools

&

Services

6,023

1,730,468

Sanofi

SA

......................

Pharmaceuticals

31,549

3,632,857

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

104,577

3,392,913

Smurfit

WestRock

plc

.............

Containers

&

Packaging

45,577

2,277,890

Swiss

Re

AG

....................

Insurance

16,703

2,311,353

23,835,467

Total

Common

Stocks

(Cost

$

70,734,636

)

......................................

104,626,084

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

................

2,094,964

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

—

Total

Long

Term

Investments

(Cost

$

70,734,636

)

................................

104,626,084

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

At

September

30,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

Short

Term

Investments

1.0%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.0%

United

States

1.0%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

..........

1,070,861

$

1,070,861

Total

Money

Market

Funds

(Cost

$

1,070,861

)

...................................

1,070,861

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

1,070,861

)

.................................

1,070,861

a

a

a

Total

Investments

(Cost

$

71,805,497

)

98.6

%

....................................

$105,696,945

Other

Assets,

less

Liabilities

1.4

%

.............................................

1,457,069

Net

Assets

100.0%

...........................................................

$107,154,014

a

a

a

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2024,

the

value

of

this

security

was

$1,873,596,

representing

1.7%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2024.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

............................

Long

20

$

2,487,800

12/20/24

$

45,557

Total

Futures

Contracts

......................................................................

$45,557

*

As

of

period

end.

See

Abbreviations

on

page

12

.

Templeton

Institutional

Funds

9

Quarterly

Schedule

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Templeton

Institutional

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of two

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedule

of

Investments

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Foreign

Smaller

Companies

Series

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$525,321

$14,181,439

$(14,258,459)

$—

$—

$448,301

448,301

$39,562

Total

Affiliated

Securities

...

$525,321

$14,181,439

$(14,258,459)

$—

$—

$448,301

$39,562

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$2,548,785

$29,407,147

$(30,885,071)

$—

$—

$1,070,861

1,070,861

$106,989

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$221,250

$8,049,414

$(8,270,664)

$—

$—

$—

—

$15,553

Total

Affiliated

Securities

...

$2,770,035

$37,456,561

$(39,155,735)

$—

$—

$1,070,861

$122,542

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedule

of

Investments

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

September

30,

2024,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Australia

.............................

$

—

$

13,049

$

—

$

13,049

Austria

...............................

1,029,827

—

—

1,029,827

Bahamas

.............................

2,408,165

—

—

2,408,165

Belgium

..............................

—

2,309,869

—

2,309,869

Brazil

................................

4,511,331

—

—

4,511,331

Canada

..............................

5,177,187

—

—

5,177,187

China

...............................

—

1,731,115

—

1,731,115

Denmark

.............................

—

654,349

—

654,349

Finland

..............................

2,505,373

—

—

2,505,373

France

...............................

—

737,423

—

737,423

Germany

.............................

—

6,726,742

—

6,726,742

Greece

..............................

—

903,247

—

903,247

Hong

Kong

...........................

—

4,260,940

—

4,260,940

India

................................

—

1,999,843

—

1,999,843

Indonesia

............................

794,688

—

—

794,688

Israel

................................

—

1,375,798

—

1,375,798

Italy

.................................

3,344,869

8,052,280

—

11,397,149

Japan

...............................

—

25,395,428

—

25,395,428

Mexico

..............................

680,817

—

—

680,817

New

Zealand

..........................

—

1,689,096

—

1,689,096

Norway

..............................

—

1,317,933

—

1,317,933

Philippines

............................

1,724,449

1,498,670

—

3,223,119

Portugal

..............................

893,068

—

—

893,068

Singapore

............................

—

819,001

—

819,001

South

Korea

..........................

—

4,521,301

—

4,521,301

Sweden

..............................

—

3,343,812

—

3,343,812

Switzerland

...........................

2,197,678

4,379,697

—

6,577,375

Taiwan

...............................

—

9,113,502

—

9,113,502

Thailand

.............................

—

3,605,791

—

3,605,791

United

Kingdom

........................

5,910,831

8,217,071

—

14,127,902

United

States

..........................

1,577,958

—

—

1,577,958

Short

Term

Investments

...................

448,301

—

—

448,301

Total

Investments

in

Securities

...........

$33,204,542

$92,665,957

a

$—

$125,870,499

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

Level

1

Level

2

Level

3

Total

International

Equity

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Canada

..............................

$

4,553,148

$

—

$

—

$

4,553,148

Chile

................................

—

2,118,810

—

2,118,810

China

...............................

1,397,338

—

—

1,397,338

Denmark

.............................

—

1,873,596

—

1,873,596

France

...............................

—

9,599,782

—

9,599,782

Germany

.............................

—

12,859,439

—

12,859,439

Hungary

.............................

1,139,179

—

—

1,139,179

India

................................

—

1,576,655

—

1,576,655

Japan

...............................

—

13,184,584

—

13,184,584

Netherlands

...........................

—

2,152,604

—

2,152,604

Norway

..............................

—

1,507,206

—

1,507,206

South

Korea

..........................

—

5,240,576

—

5,240,576

Sweden

..............................

—

1,832,330

—

1,832,330

Switzerland

...........................

—

1,215,649

—

1,215,649

Taiwan

...............................

—

3,433,702

—

3,433,702

United

Kingdom

........................

—

17,106,019

—

17,106,019

United

States

..........................

8,542,446

15,293,021

—

23,835,467

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

1,070,861

—

—

1,070,861

Total

Investments

in

Securities

...........

$16,702,972

$88,993,973

c

$—

$105,696,945

Other

Financial

Instruments:

Futures

Contracts

.......................

$45,557

$—

$—

$45,557

Total

Other

Financial

Instruments

.........

$45,557

$—

$—

$45,557

a

Includes

foreign

securities

valued

at

$92,665,957,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$88,993,973,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Index

EAFE

Europe,

Australasia

and

the

Far

East

MSCI

Morgan

Stanley

Capital

International

Selected

Portfolio

REIT

Real

Estate

Investment

Trust

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.